Prudential price target lowered to $109 from $110 at Piper Sandler

Piper Sandler lowered the firm’s price target on Prudential (PRU) to $109 from $110 and keeps a Neutral rating on the shares. The firm says the company’s better than expected earnings results came from International and Group Benefits. Importantly, PGIM flows turned positive. The earnings beat in Q1 aside, Prudential acknowledged the path to higher earnings growth is not linear given more of the U.S. business is rolling off while the Japan business is seeing elevated surrenders from a weaker yen, which combined are 3%-4% drag to 2025 EPS, Piper adds.